In this article, we will cover how to buy Litecoin, what exchanges currently offer Litecoin and how much the cost of this digital asset is at the time of publishing. Whether you are an investor, a curious spectator or someone on the fence, this article will inform you of the ups and downs of the cryptocurrency market and how to buy Litecoin.
Litecoin is easily one of the best-known coins in the cryptocurrency market. Created by Charlie Lee, Director of Engineering at Coinbase in 2011, Litecoin has captivated investors across the world climbing from near-obscurity to being what many call “the silver to Bitcoin’s gold.” Read on to find what are the top three Litecoin exchanges and how easy it is to purchase Litecoin.
This section will cover how to buy Litecoin on the Coinbase exchange. The first thing you need is an active account. Creating an account is simple. Just click the “Sign-Up” button, and complete the sign-up form. After filling out the information, click “Create an Account” to complete the process.
Once inside your account, you may be required to send a copy of your photo ID and other information. This process is usually very easy to complete.
After creating your account, you may purchase Litecoin from what’s known as the Market. Coinbase is infamous for having a slightly higher Market price than other exchanges. This is done to ensure the exchange makes money without gouging you on every trade –like other exchanges.
In this section, we will cover how to purchase Litecoin from the Gdax exchange. On the main page of the website, you’ll see a blue button that says, “Create Account”. This will take you to a sign-up page, which will ask for some very basic information about yourself. When you’re done, click “Create an Account”.
If you already have a Coinbase Account, your account information should transfer over to Gdax. With Gdax, there is one option that Coinbase does not have, called a Maker/Taker system. This method of trading is one where you pay no fees because you’re ordering on the Order Book. Trading in this method means you only pay a fee for transferring money to your bank account through a bank wire. You transfer your coins to your Coinbase account to sell them on the Coinbase exchange.
In this section, we will cover how to purchase Litecoin from the exchange, Cryptopia. When you reach the main page, simply click “Register“, and fill out the information requested. Once you have done this, you should be able to reach your account and purchase Litecoin.
It should be noted, on Cryptopia, it is easiest to purchase Bitcoin to use as the currency to purchase Litecoin. Cryptopia often has a lower price for coins than other exchanges. They do, however, charge a small fee per trade, and a fee to withdraw funds or move to a wallet off of the exchange. For some people, this fee is worth paying as the buy-in fee is much lower than other exchanges. For example, at times Bitcoin can be $700 lower on Cryptopia. At other times it may be the same price as other exchanges. This discrepancy in price should not be expected, but it does occur from time to time.
Navigating The Exchanges
Now that you’ve picked an Exchange and established an account, you’ll need to transfer money to the account to purchase Litecoin. Coinbase has the option of using a bank wire or debit card; Gdax and Cryptopia allow for a bank transfer. Some people buy from Coinbase and transfer to Gdax for the ease of getting coin quickly and trading without fees. When you’re ready to sell your Litecoin, you can do a bank transfer on Gdax that is free, taking around 4 business days to reach your bank.
Bonus read: How to Buy Cryptocurrency
What You Should Know When You Buy Litecoin
There are many things you should know before buying Litecoin. The first thing is that there are no guarantees in the cryptocurrency market. Due to the nature of the market and the fact that everyone can buy and sell on the exchanges, worldwide, the market can become very volatile, very quickly.
For beginning traders learning how to buy Litecoin, the process can be very simple. Most of these people are called “HODLers.” The term came about from someone misspelling the word “Hold” in a forum as “Hodl”, and quickly became synonymous for “Hold On for Dear Life”. This is a group of people who purchase the Cryptocurrency with the plan to hold until it reaches a certain number. In the beginning of 2017, Litecoin was selling for around $4.00 USD. By the end of 2017, it was selling for $380.00 USD. For these HODLers, that was a great investment. At the time of this article’s publishing, the price of Litecoin is at $198.00 USD, making it prime to be bought based on past trends.
Experienced Traders have the market influenced through many exchanges, like they buy by spending which was previously purchased. This often ties Litecoin’s rise and fall with Bitcoin’s rise and fall. For this reason, experienced traders who are learning how to buy Litecoin may also study Bitcoin’s trends.
Litecoin is a great investment in the long term. If you are looking for something with short terms gains, Litecoin can also be a fun way to trade and make some minor gains. This article is not financial advice, and should not be taken as such. It is filled with facts about Litecoin, the behavior of Litecoin and information on how to buy Litecoin.
In closing, the many facts surrounding Litecoin suggest it is not going anywhere, anytime soon. It is advised to do your own research concerning the “Silver to Bitcoin’s Gold” to see if it is a good fit for yourself. Thousands of people trade Litecoin, worldwide, through the many exchanges. We have reviewed many of these exchanges, and listed the ones above that are easiest to create an account and start on. Please share your thoughts or comment and let us know what you think! We’d be glad to hear your thoughts on Litecoin or your own personal experience!